First time I have read all the comments.....so interesting, lots to ponder here. I'm intrigued. Thanks Jeff Booth for your insights & thanks Doug Hoyes for having him on your show!

Jeff booth is a brilliant technologist and massively successful person who cares about all people without virtue signaling.

I am becoming a JB fan! He makes it so clear and easy to understand. You can't explain it any simpler to anyone on earth! Listen, take notes, act accordingly..............

Great show this week. Lots to ponder.

He explained the situation at hand so accurately

Jeff Booth is the best!

Remember, if you buy a house for $100,000, regardless of what ‘printing’ is going on, you will want to sell it for more. But when you move that thought to a vehicle, the moment you buy a car and drive it off the lot, it’s worth less. And every year you own it, it goes down in value. Why is that not the case with a house? It is with the building structure, but not the land. Jeff answers his own question. Land becomes scarcer with time, not less scarce. That’s why Jeff is partially right. The bank would be really pissed, if you took out a mortgage for 95K and a couple of years later sold the property for 92K. Believe me, you’d be on the hook for it.

Great interview! Economics is really tough to understand, interviews like this are so good to learn from. Thank you!

@glennataylor

2 жыл бұрын

It's really presented here as a simple concrete understanding of exactly what real economics is, without the elitist acronyms and explanations of the system. Why do taxes hurt workers, this is the best example you could possibly give.

@TheTeaserking

Жыл бұрын

Austriwn economics It's easy to understand the way I teach it, the professor

Money isn’t so much a measure of time invested as it is VALUE created or exchanged! You don’t get paid for time, you get paid for value to the marketplace! Jim Rohn has taught this so well. Of course a varying amount of time will be necessary to create a certain level of value but they are not fixed or correlated on anything near a 1:1 ratio. Otherwise a lawyer , a doctor and a friend cook would be making the same money for an HOUR!

I commented before I finished listening. You are brilliant. I couldn't agree more. Can't wait to read your book.

@charlessmith3710

Жыл бұрын

I dont see deflation everywhere in the 70's $10.00 worth of food cost $1.00 to produce now it's reversed. It costs $10.00 to produce $1:00 worth of food. I am sure you can find similar trends in medicine, pollution and many other areas.

The ideal inflation rate is an average of zero. Zero!

Jeff know his stuff lol 👍🏾

My example of inflation: 5 guys get together to play poker at Jim's house. Each guy buys $100 worth of chips from Jim (the banker). As the game goes on Jim loses all of his money so he takes another $100 worth of chips from the bank without paying for them (because he's the banker). This act inflates the number of chips in the game but each chip loses some of its value. When the game is over and the five players redeem their chips, there isn't enough cash in the bank to cover the number of outstanding chips so each player has to take a loss. The Fed prints money and puts it into circulation like Jim who put unpaid for chips into the game. Jim has committed fraud so has the Federal Reserve.

@glennataylor

2 жыл бұрын

And don't forget that Jim would charge anyone else that "defaulted" an elevated interest rate to stay solvent, so THAT'S the real tax.

Great guest and topic that not enough people understand or talk about! Everyone thinks in terms of prices increasing but look at Money in nominal terms. AKA $1 today is the same as $1 50 years ago. The reality is the purchasing power of the $1 is the only thing that really changed. Technology has made the production of chocolate bars far easier and cheaper over the last 50 years which should have deflated prices and yet prices are way up over the last 50 years, why?

@TheTeaserking

Жыл бұрын

Wow smh $1 50 years ago is equal to .10 today.

I think Jeff is talking about crowds with pitch forks , due to the money expansion ? Thank You

@glennataylor

2 жыл бұрын

Pretty sure that has already come.

Dan Peña said that bitcoin was really founded by Vladimir Putin. So what now?

Wow, you are really doing an incredible service to everyone. I hope and pray you get more and more gigs with everyone everywhere. I just downloaded the book and will be reading it in the next 24 hours. I'm putting my next Koontz book on hold.

@TheTeaserking

Жыл бұрын

Your reading the wrong book stop wasting your time.

Very eye opening. This book will be added to my must reads.

I don’t believe it to be btc. XRP seems like the backend bridge.

Great video, But its here now I cannot even get a $700 dental loan? After have good credit now the agencies are saying I am too much of a bad risk for $700?

@bathtubs

Жыл бұрын

Go to Western Dental. They will finance anyone, even broke college students.

Jeff Booth is the King of Macro. 👑 I feel his whole point answers so many of my economic concerns were facing.

Depending on product and technology so the debt should be evaluated base on the products it invested in. For example EPA prevent forest logging so the guitars investors invested before was 500$ now worth 10,000 $ or more because no more is allowed to log tree. While gasoline before worth trillion but now with new trash treatment can make industry worth much less because abundance from new technology and plenty of trash. Food is least inflat or deflat until pollution and bad fertilizer introduce bad food and food waste recycling making pure food is so expensive unless we want to eat food waste

Deflation is good if we convert old dollar to new dollar after deflation therefore for example if the u.s. owe 5 billions but deflation converted could be the debt worth only 500 million Current dollars for example

Great conversatin, thanks from Ukraine!

Are there not limits and diminishing returns on the deflationary forces of technology?

@tm-uz7md

3 жыл бұрын

Yes, it's called entropy and it wins in the end as energy density goes to zero.

@Eloign

3 жыл бұрын

Not when technology is exponentially taking over jobs. At least when we went from horses to cars we had manufacturing jobs the horse industry could flow into. Now it's like horses being replaced with cars...built by robots and manned by engineers. There's no replacement jobs.

@glennataylor

2 жыл бұрын

Deflation is very bad for the masses and cause rebellion, which is why they keep propping it up and fighting against it, a push to Socialism.

The old adage of "The cure for High Prices is High Prices--The cure for Low Prices is Low Prices" always comes to mind.

So anyone have any idea when the housing market in Canada will pop that people have been talking about for 20 years now. Is now a good time to sell my high priced city home in Ottawa or will Ottawa become the next Toronto thanks to lots of government jobs here, the only kind the government can really create?

@Eloign

3 жыл бұрын

The government doesn't create anything it redistributes what others have created.

@Area-cf1gt

2 жыл бұрын

Sell now shit will hit the fan soon i doubt things will get better.

@charronfamilyconnect

2 жыл бұрын

@@Area-cf1gt I think the stock market will get hit first since there are for more supply of shares compared to real homes that people need to live in for real.

It is not necessarily true that asset holders benefit from inflation because of two, often false assumptions: a) the asset holder uses leverage and b) the asset holder doesn't pay capital gains taxes. However, if the asset holder pays cash for his assets and then pays capital gains taxes (usually the case) when they sell, they also lose purchasing power and will be wiped out under hyperinflation just as if they held cash.

Information is free. But you can't eat information, you can't wear it and it will not heat your home.

Netflix is not $10 per month it’s $20 INFLATION even with technology🤣🤣

@mikemike7264

3 жыл бұрын

but netflix has way more content than before & there is more competition out there as well. if 1 of those companies really lowered their price, netflix would be outcompeted or have to lower their price or more likely produce even more exclusive products. like how a phone is more expensive but has way more technology than a similar cost cell phone 2 years ago. technology is definitely inflationary long term no doubt about it.

@nachannachle2706

3 жыл бұрын

I've just signed up to Netflix for the first time last month. It's astonishing how much diversity of content I can access for $10 AUD. The polyglot in me is having ball 24/7 learning from all the multilingual films and documentaries. I can only forecast the base business expanding (i.e cheaper subscription) and the premium features increasing (i.e more add-ons for long time subscribers). The great thing about this? You can still access the basic content even if you can't afford the premium. This is quite a different model from the traditional "Buy or nothing" we have been stuck with for the past decades. Eventually, we will move towards blockchain-powered services and you won't even need to "buy" subscriptions yourself: just earn the right of access through coin "deposits" or cryptocurrency "lockdrops" anytime you feel like watching. :)

@glennataylor

2 жыл бұрын

And not long ago was 7.

@voluntarism335

Жыл бұрын

no, that's because of Government granted monopoly and the fact they print billions of dollars every year

@mlbonfox8199

3 ай бұрын

U could switch networks

This podcast is

@glennataylor

2 жыл бұрын

or it is >U.

a better analogy metaphor of the global economy is yes you gather 50 friends to play house steaks poker the house gets 10% of every pot every single pot the house gets 10% of course the house furnishes chips and beer cigarettes pot cocaine and the house gets 10% of every single pot when it is all said and done there will be no bets nothing left from all 50 poker players as the house will have it all and that is Central banking today the fed's loan make all these loans but they never print the interest they charge interest on every one of these loans and you must go to your other partners to get the interest pretty soon your buddy start being destroyed economically bankrupt more and more as the bank takes their interest which has never been printed more and more the currency moves to the rich and the others are destroyed and at the very end of the game the bankers win the bankers always win in Las Vegas The House always wins with the state the lottery commission always wins

I'm tracking with Jeff, but one thing he missed about MMT, and that is along with printing money the governments of "ole" forgave all debts of the people and gave them back their land. Read all about it in Professor Michael Hudson's many books including "Killing the Host" and "forgive them their debts".

@TheTeaserking

Жыл бұрын

Mmt = keynesian that's communist n causing the mess werein now

I am now a proud owner of Bitcoin.

@mikehawk1118

2 жыл бұрын

Me too. Grab some Ethereum if you can also.

@502964924

2 жыл бұрын

lightbulb didn’t come on in 2014 but did in 2019. Hope I am on the right side of history .Jeff is reassuring

@glennataylor

2 жыл бұрын

After the last drop I got the big three and one other small thing, it's genius.

@scootermcgooginhime2464

3 ай бұрын

Well I hope you guys are enjoy these new highs

People say Elon Musk is crazy. Etc.

Jeff knows that free time means being poor. If a robot frees up your time, you are unemployed (mostly). Free time does NOT equate to wealth. It equates poverty. So the people don’t want free time, we want jobs. If you have the opportunity to buy the robot that is replacing you and your job, you might have a chance. If not, you’re going to be poor. (Lots of free time)

Crypto solves a lot of this dilemna

The most important thing that is missing from your conversation is energy. The amount of cheap easy to get fossil fuel energy that powers deflationary technology is shrinking. Also that energy powers digital currencies. The other thing you are missing is infinite digital currencies can be created so it's not a fixed number of units like you said of bitcoin. Solar is ADDING to energy demand, not replacing other energy sources. You also assume that data can decrease price infinitely. That's wrong. Data just helps companies psychologically manipulate people out of their money and that has limits. The points in this interview are totally wrong, but I enjoyed it because it's helping me understand a bigger picture. Economists assume that innovation is limitless. We can keep innovating but that too reaches a brick wall and limitation.

@forknowledge6959

Жыл бұрын

bitcoin can't be manipulated? hahahhaa pfffftttt So you are saying those that have the wealth or majority of the wealth can't manipulate and get richer?

This is a lot mixed up thoughts and incomplete economy knowledge ! Inflation is there and will be staying that s right but that does not mean to buy fennzy bitcoins. If you want a hedge against Inflation that s Gold and not bitcoin. Bitcoin is in a bubble and a ponzy. Technology is deflationär that s right. But Food, Housing and energy is not so much technology driven. So you will have the big chunk of your basket inflation driven. Yeah your telephone cost got smaller that s deflationär but that s little chunk of your basket compared to housing, food and energy. For me this Guy has an incomplete view of the economy and dreams to much of technology superpower.

Jeff Booth: " Technology is information and information is free ...How much do you pay for the calculator on your phone or my guitar tuner or my flashlight on my phone?What we've done is we have been digitising things and those things become free". But how come Bitcoin is very expensive when Bitcoin is money that has been digitised or sometimes called digital gold. Using the same argument shouldn't Bitcoin or cryptocurrencies for that matter become cheap money?

@mikemike7264

3 жыл бұрын

long term bitcoin or the winning form of digital currency will become very cheap

@nachannachle2706

3 жыл бұрын

Bitcoin is only "expensive" if you believe that you need to have 1 whole of it. It is foolish and greedy to think that you need to own 1 BTC in order to participate in the decentralised money universe when 10000 satoshis are more than enough for that purpose. Regardless, what is becoming cheaper by the day, however, is programmable financial services for cryptocurrencies offered through 3rd generation blockchains like Cosmos, Polkadot and (possibly) Ethereum 2.0.

@antonziur1

3 жыл бұрын

@@nachannachle2706 that is true. but if Bitcoin proponents are to be believed they are saying that one Bitcoin value will be worth 250K in 5 years. Regardless of whether you buy one Bitcoin or not is not the issue. The issue is that it will keep going up in value at least according to Bitcoin believers . It seems to run counter to Jeff Booths statement that when something gets digitised the value goes down in Value. Now ,isn't Bitcoin a form of Digital Gold? or Digital Currency as some people describe it.

@Eloign

3 жыл бұрын

Bitcoin is expensive relative to fiat currencies because fiat is being devalued at a break neck pace. It's just retaining it's value and then increasing in value over time with adoption and the increase of functionality and utilization. The calculator on your phone is static.

@d_orca

2 жыл бұрын

@@Eloign well explained! May satoshi be with you.

Records are booming more than ever

Deflation? Need a major depression and the govt would flood country with money to try to stop it

The MINISTER of Middle Class prosperity in Canada isn’t doing her job🤣 maybe because when questioned she had no idea what the portfolio involved 🤣🤣🤣🤣🤣 but I though Trudeau was Building Back Better!

aged like milk in June 2021 when he told everyone to buy bitcoin.

@rustyshackleford4761

2 жыл бұрын

Lol that’s why you dollar cost average

Seems like everyone believes either in Jesus or in Bitcoin.

@glennataylor

2 жыл бұрын

Or both.

@conservativemovement

2 жыл бұрын

@@glennataylor 😁

I am sorry, but he talks out of both sides of his mouth when he says, if you are already paying 19% interest on your credit card debt, you might want to buy bitcoin. But he said he would not advise people to borrow using credit card debt to buy Bitcoin. There is no difference between the two scenraios.

It was all great and interesting till he said solution is "bitcoin".

@glennataylor

2 жыл бұрын

limited asset, it's genius. And the asset is "mined" in order to make sure of the security of the system. If you don't get that you can't think. It is pretty basic math. It's reinstating the "gold standard" which is why you will see the elite trying to fight it tooth and nail. Ethereum is even better, although it's not a limited asset. Doge was a joke but even the Meme has value, note the sale of the hot dogs.

@gambet0007

2 жыл бұрын

@@glennataylor Problem is people are confusing unprofessional perceived value for real value. A recipe for disaster.

@glennataylor

2 жыл бұрын

@@gambet0007 Not sure it's unprofessional, however value is only based on what someone will pay for something at whatever the value of the "dollar" or currency is. So when the Government just keeps printing money it inflates everything we buy, it's obvious in the stores. So Bitcoin offers an alternative to a non-backed currency with a limited resource currency based on payment for computing power that keeps the currency safe, it's not only logical, it's actually genius and allows a lot of smaller people that have no value in their governments eyes to become valuable. It diminishes control, which is why they fear it so much. Trust me, China will not be the only country to eliminate crypto. It's something they cannot control and since the entire system they thrive on is based on control, they will fight it. It will drop, it will rise and the Elite in Washington will fight it tooth and nail, but it bridges political affiliation and is the definition of freedom. The day the US dropped the gold standard was the day this all should have started

@gambet0007

2 жыл бұрын

@@glennataylor An utility argument claimed by every other "Cryptocurrency", desire for freedom here ricks of desire of anarchy.

it is sad hearing you talking about Bitcoin growing faster than 19% credit card debt now in 2023...

@DebtFreein30

Жыл бұрын

That is why we quickly followed up with this episode: kzread.info/dash/bejne/qJmJmcWqaa-0ldI.html Never know with Crypto... Thanks for watching!

omg, please give up on your inflation crap.. This is the wrong guy to host and interview .

@Eloign

3 жыл бұрын

Based on?

Really bad advice wrapped in half truths and confusion, all ending in an appeal for young people to buy worthless Bitcoin. Shame on you. Another pandemic opportunist.

@louiscastillojlc

2 жыл бұрын

I agree

I stopped listening when he started talking about Bitcoin.

@pehlavoon

3 жыл бұрын

Let's circle back wen BTC hits $100K, then $150K, then $300k.

@williamgoddard5505

3 жыл бұрын

I said the same thing ...however, when you think about it, and the fact that it is finite, it makes some sense. But even though he simplifies it, he needs to have a series of explainer videos that can visually help people understand the powers in play

@charronfamilyconnect

3 жыл бұрын

@@williamgoddard5505 Why Bitcoin when there are many other virtual currencies created every day to choose from? How the hell can something deflationary like Bitcoin ever serve as a new world currency when its value could never be stable with its limited supply. For example today a car costs 1 Bitcoin, tomorrow this car costs 1/2 Bitcoin. How can people know what to be paid in Bitcoin if the price would have to constantly go up due to scarce supply? If Bitcoin becomes deflationary will there not be more incentive to hoard it than to exchange it? How can that ever serve the purpose of exchange if its treated more like gold to be hoarded than money to be trade with?

@MikeWiseman1

3 жыл бұрын

@@charronfamilyconnect I'm not sure if you're understanding what Jeff is really saying. 1 Bitcoin is 1 Bitcoin, it is the currency that is volatile. Deflation is happening right before your eyes but you don't see it. You see prices going up in dollars, but, when you measure everything in Bitcoin you will see that prices are getting cheaper. It's not a question of whether Jeff Booth is right or wrong, it's happening right now. How do we embrace deflation? I don't know. Will there be more incentive to hoard it than exchange it? Probably, but we don't know either, the question is how do we embrace that scenario. It will be a major shift, but for the better.

@CoalClear

3 жыл бұрын

This is such a beautiful irony

Wow another person that doesn't know what inflation is. Inflation increase in the money supply reducing purchasing power, nothing to do with prices. Deflation is pointless prices can't fall due to it will take more dollars to buy things. The Professor at your service.